Loan / Mortgage Calculator
A loan calculator computes monthly payments, total interest, and full amortization schedule for any loan. Enter loan amount, interest rate, and term to see your estimated monthly payment. The amortization table shows how each payment splits between principal and interest over the loan life. Home buyers compare mortgages. Car buyers plan auto loans. Financial planners analyze debt. The calculator uses the standard loan payment formula: M = P × r(1+r)^n / ((1+r)^n - 1). The monthly rate is the annual rate divided by 12. The amortization schedule shows running balance, interest portion, and principal portion for each payment. Early payments go mostly to interest while later payments go mostly to principal. Comparing mortgage offers from different lenders. Planning car loan budgets before visiting dealerships. Evaluating student loan repayment strategies. Analyzing debt consolidation options. Understanding total cost of borrowing. Planning business equipment financing. Comparing 15-year vs 30-year mortgage scenarios. A shorter loan term means higher payments but much less total interest. Extra payments early in the loan save the most interest. Consider all costs including origination fees and closing costs. Your actual rate depends on credit score and market conditions. Use the amortization schedule to plan extra payment strategies. Related tools: BMI Calculator, Age Calculator, Tip Calculator, Percentage Calculator, Discount / Sale Calculator. Browse all 123 free tools on the KitCraft home page.